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A RRIF (Registered Retirement Income Fund) is a continuation of your RRSP. It provides the same tax sheltering of growth but with one key difference. Instead of making tax deductible contributions, you have to take out a minimum amount each year, based on your age and the value of the RRIF. The amount you withdraw from the RRIF is fully taxable. An RRSP has to be converted to a retirement income option such as a RRIF by the time you turn age 71. You have the option of converting your RRSP to a RRIF at any time before age 71.
See also: Canadian Retirement Infographic
Try some RRIF Calculations
Calculate your RRIF payment and see how long the funds in your RRIF will last based on the amount you withdraw each year, the rate of return and how long you plan on making withdrawals.